Suhaib Zaheer, SVP, Managed Hosting at Digital Ocean & GM at Cloudways, discusses how small and medium-sized businesses can defend themselves against looming cyber threats and hackers.
When hackers strike a tech giant, it’s a high-profile incident. Revenue, share price and customer loyalty dip but almost always recover. However, when hackers and cyber threats target small and medium businesses (SMBs), it could mean a serious setback.
With SMB owners spinning so many plates, it’s understandable that cybersecurity does not top the list of priorities. It may not be glamorous, but the harsh reality is that a cyber-attack could lead to data breaches, financial losses, and reputational damage that might be insurmountable for a small business. Although large businesses may seem more appealing targets, that is not necessarily the case. According to Deloitte’s Future of Cyber Report, 91% of organisations reported at least one cyber incident in 2023 regardless of their size – with cyber criminals, cyber terrorists and hacktivists dominating business concern globally.
Implementing holistic cybersecurity practices can help small businesses safeguard sensitive information and maintain their customers’ trust. This shouldn’t be seen as a tick box activity or cautious defensive strategy but as a vital step towards long-term success and profitability.
So, what three steps should all organisations take to ensure they work in a fully secure environment?
Foster a culture of shared cybersecurity responsibility
Limited resources do not have a weakened hand against cyber criminals. Even with limited resources compared to larger counterparts, SMB owners can mitigate security pitfalls. This requires implementing well-defined security protocols in collaboration with all employees – making cybersecurity a shared responsibility and a lightened load.
By adopting a shared responsibility model, SMBs can better scrutinise their cybersecurity objectives and practices, enabling them to assess and combat evolving cyber threats effectively. Active awareness and accountability stem from clearly defined roles and responsibilities. Without this support, SMBs will struggle to identify threats and be slow to thwart them.
Embrace transparency to build trust
Transparency and effective communication should be core values for every business, as they are crucial in earning customers’ trust in the event of any incident or breach. For genuine trust, customers must understand a company’s security processes and how the business handles their data and personal information. By providing this level of transparency, businesses can empower customers to apply their cybersecurity practices in their daily lives, protecting both parties from potential future breaches.
Embedding security and trust as driving principles from the outset is imperative. This approach should encompass all stakeholders, including customers, investors, regulators, and employees. Initiatives such as security awareness training and ongoing compliance with industry regulations can go a long way in strengthening security measures beyond data protection and incident response.
Adapt to the evolving world of work
In the rapidly evolving landscape of remote and hybrid work, businesses must maintain vigilance over security and privacy. Outdated technology remains a stubborn issue, with major website enhancements frequently introducing vulnerabilities that can be exploited through human error or cyberattacks.
Implementing technology that can automatically detect updates and execute secure backups is paramount. This approach eliminates manual maintenance, allowing teams to focus their efforts on other critical business areas. Furthermore, organisations can harness the power of AI-powered solutions to tackle laborious tasks such as data anomaly analysis, malware detection, and identifying abnormalities for cybersecurity teams to investigate. By leveraging AI-powered technology, time-consuming processes can be streamlined and automated, ultimately enhancing the overall efficiency of cybersecurity operations.
The cyber threat landscape is vast and ever-evolving, but by implementing the right strategies, SMBs can stay ahead of the curve. Cultivating a shared cybersecurity mindset, promoting transparency, and leveraging cutting-edge technologies like AI can fortify defences and build customer trust. Cybersecurity is not just about avoiding financial losses or reputational damage; it’s about protecting the very essence of a business, its customers, and its future. In short, it’s a cornerstone to long-term success and sustainability.
